Famous Economists

Adam Smith ( The invisible Hand)

 Father of the modern Economics

 Worlds first free market capitalist
 Smiths Contribution to economics came in the form of his famous works
- The Wealth of Nations(1776)
- The Theory of Moral Sentiments (1759)
- Scottish philosopher and political economist

Karl Marx

 German Philosopher and revolutionary sociologist

 He was of the believer that humans were, not motivated by grand ideas , but by material
concerns related to survival.

David Ricardo

 British political Economist, founded classical economics

 Believer of monketraism
 His biggest contributions was his theory of comparative advantages.

Thomas Malthus

 Best known for his popularization of the economics theory of rent.

 Played a crucial role in the development of classical economics as the first modern school of
economic theory.

Basic terms of applied economics

Interest

 changed for borrowed money generally a percentage of the borrowed amount.

Capital

 It is anything that can enhance the ability to do economically useful work.

Financial capital-

 refers to the ability to use money acquire other forms of capital

 Ability to take on debt.